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Updated May 18, 2022
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Our Take Beginning with the 2022-2023 academic year CommonBond will no longer offer private student loans to pay for current education costs. If you have access to a cosigner, CommonBond can be an excellent choice for a private loan lender. With CommonBond, you can borrow up to the total cost of attendance and choose from multiple loan terms and repayment options. While a cosigner is required for undergraduate and graduate student loans, you may qualify for a cosigner release in just 24 months. And, CommonBond offers competitive interest rates and a generous forbearance policy. Key Takeaways Pros and Cons Pros Access to free mentoring No fees on many loans Simple co-signer release Cons Co-signer required on most loans Higher repayment amounts on some loans No medical school residency deferment Company Overview Table of Contents CommonBond Student Loans Review Pros Explained Cons Explained Loans Available Eligibility Prequalification Fees Discounts Repayment Rewards Cosigners Forbearance Disbursem*nt Refinancing Customer Service Apply Paying for College Methodology As of May 2022, CommonBond no longer provides private student loans. CommonBond is a private lending company dedicated to student loans and refinancings. Launched in 2013, it originally targeted MBA students; it has since expanded to undergraduate, graduate, and medical and dental school loans. It makes loans both to individuals and through businesses that want to help employees fund their kids' higher education. What makes CommonBond unique is it's the first financial company to commit to a one-for-one model of business. For every degree fully funded through CommonBond, the firm, in turn, funds the education of a needy student in a developing nation. In addition, CommonBond's partnership with nonprofit Pencils of Promise has provided schools, teachers, and technology to thousands of students in Ghana. Every degree funded through CommonBond pays for the tuition of a student in need through its partnership with Pencils for Promise. To date, CommonBond has donated $1 million to students in need. Undergraduate student loans provide the most flexible repayment plans and terms of all CommonBond loans. They also automatically include the Money Mentor. Graduate students see many of the same flexibility undergraduate borrowers receive and may opt-in to receive a free Money Mentor. No co-signer is required for a CommonBond MBA loan if you're enrolled in one of about 30 in-network partner schools. In addition to loans, CommonBond has offered unique perks to its business school borrowers: an internship program, summer career development series, and trips to Ghana. DMD or DDS students attending any dental school in the U.S. are eligible for a CommonBond dental school loan. These loans have a six-month grace period and the option for residency deferment. Medical students attending one of CommonBond's 59 partner medical schools in the U.S. are eligible for this loan. There's no option for deferment in residency but you can make monthly payments as low as $100. CommonBond's minimum loan amount is $2,000 but you can borrow up to the cost of attendance determined by your school's financial aid office. This cost includes tuition and fees, books and supplies, room and board, transportation, and personal expenses. To be eligible for a CommonBond private student loan you must meet a few requirements: To determine eligibility, CommonBond also looks closely at an applicant's free cash flow, meaning how much disposable income you have after paying your monthly debt obligations. CommonBond does offer loan prequalification, meaning you can get a quick preview of your eligibility and what sort of terms you'd qualify for—without it impacting your credit score. To check, click the "Apply Now" button and select "View my rates" under the student loans section. CommonBond will perform a soft inquiry of your credit to estimate your rates. CommonBond doesn't charge application fees or prepayment penalties on any of its loans. Late payments incur a fee of 5% of the unpaid amount of the payment due or $10, whichever is less, and there's a $5 fee for returned checks. There is no hidden fee on undergraduate and regular graduate loans. MBA, medical and dental school loans do have a 2% origination fee, but it is reflected in CommonBond's advertised rates. MBA, medical school, and dental school loans have a 2% origination fee, but it’s already reflected in CommonBond’s advertised APR All loans are eligible for a 0.25% interest rate reduction (reflected in CommonBond's advertised rates) when you enroll in auto-draft payments. CommonBond offers four in-school repayment options valid through a loan's six-month grace period: CommonBond offers flexible repayment options on all loans. CommonBond has a referral program where you can earn$200every time someone takes out a student loan or refinances using your referral link. Co-signers are required for undergraduate and graduate loans. A co-signer is also required for MBA loans unless you're enrolled in one of CommonBond's partner schools and other given criteria. After graduation and 12 consecutive months of full payment, the borrower can apply to release their co-signer. The student must be the age of majority (16 to 21 years old, depending on which state in which you live) and any period of forbearance interrupts the consecutive payments. In the case of financial hardship or medical impairment, you can put your loan payments on pause for three months at a time up to 12 months over the life of the loan. And in the event of death or total and permanentdisability, your CommonBond loan is canceled and will not be passed on to anyone else. Loan disbursem*nts are paid directly to your school after CommonBond confirms your enrollment. Confirmation can take anywhere from five days to three weeks. If you took out more than required for official expenses (tuition, room and board), your school will send a refund check. CommonBond refinances federal, private, Parent PLUS, and previously consolidated loans with no application, or prepayment fees. You can refinance up to $500,000 with repayment terms of five to 20 years. Rates are currently: Advertised rates include a 0.25% discount for enrolling in auto-draft and refinanced loans are eligible for up to 24 months of forbearance. Student loan refinancing is also available to international students with any major U.S. visa who have graduated from a U.S. university. CommonBond's U.S. based care team is available by phone and live chatMonday through Friday, 9 am to 8 pm EST. You can also access them quickly by live chat on their website or email with a response time of less than 24 hours. According to theAnnual Report of the Consumer Financial Protection Bureau Student Loan Ombudsman, CommonBond received three complaints in 2019, mostly about its refinancing service. CommonBond uses an online application and each approved application is valid for one academic year. To apply you'll need: CommonBond encourages students to exhaust all their free and low-cost federal and state financial aid options before taking out a private student loan.Submit theFree Application for Federal Student Aid every year to see your eligibility and use a private student loan to fill in the gap. Final Verdict CommonBond offers a wide range of loans and repayment options to suit many different borrowers. However, its credit and cosigner requirements may disqualify some borrowers from getting approved for a loan. If you do not have access to a creditworthy cosigner, you’ll have to find another lender who doesn’t require borrowers to have one to qualify for a loan. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of student loan lenders. We collected over 45 data points across more than 15 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their education needs. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. CommonBond. “Looking for a new student loan?” Student Loan Here. “CommonBond School Network for Grad Refinance Loan.” Investopedia is part of the Dotdash Meredithpublishingfamily.:fill(white):max_bytes(150000):strip_icc()/Commonbond-e6fd2ea21ff94f409abfbcf9ab82c548.png "CommonBond Student Loans Review (3)")
Pros Explained
Cons Explained
CommonBond Student Loans Available
Undergraduate Student Loans
Variable Rates 4.11% - 9.69% APR Fixed Rates 3.74% - 10.74% APR Loan Amounts $2,000 up to the total cost of attendance Loan Terms Flexible repayment options Graduate Student Loans
Variable Rates 4.15% - 9.69% APR Fixed Rates 3.74% - 10.74% APR Loan Amounts $2,000 up to the total cost of attendance Loan Terms Flexible repayment options MBA Loans
Variable Rates 5.00% - 6.69% APR Fixed Rates 4.09% - 6.95% APR Loan Amounts $2,000 up to the total cost of attendance Loan Terms Flexible repayment options Dental School Loans
Variable Rates 3.52% - 4.70% APR Fixed Rates 5.56% - 6.76% APR Loan Amounts $2,000 up to the total cost of attendance Loan Terms Flexible repayment options Medical School Loans
Variable Rates 5.90% - 7.26% APR Fixed Rates 5.79% - 7.16% APR Loan Amounts $2,000 up to the total cost of attendance Loan Terms Flexible repayment options Loan Eligibility
Is Loan Prequalification Available?
Loan Fees
Loan Discounts
Repayment Options
Rewards
Are Co-Signers Required?
Forbearance and Loan Discharge Options
Length of Time for Loan Approval and Disbursem*nt
Is Student Loan Refinancing Available?
Customer Service
Applying for a CommonBond Student Loan
Paying for College
Methodology
